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Ofgem will choose a new supplier to take on Economy Energy’s customers as quickly as possible. This supplier will contact these customers shortly after being appointed.

Ofgem’s advice to Economy Energy’s customers

Do not switch to another energy supplier

Take a meter reading ready for when your new supplier contacts you

This will make the process of transferring customers over to the chosen supplier, and paying back their outstanding credit balances, as smooth as possible.

Ofgem move will cut energy bills

Philippa Pickford, Ofgem’s director for future retail markets, said: "Our message to energy customers with Economy Energy is there is no need to worry, as under our safety net we will make sure your energy supplies are secure and your credit balance is protected.

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“Ofgem will now choose a new supplier for you, ensure you get the best deal possible. Whilst we’re doing this our advice is to ‘sit tight’ and don’t switch. You can rely on your energy supply as normal. We will update you when we have chosen a new supplier, who will then get in touch about your new tariff.

“We have seen a number of supplier failures over the last year and our safety net procedures are working as they should to protect customers.”

Last week, Ofgem issued a provisional order to Economy Energy, which prevented the supplier from taking on new customers.